Co-op maintenance and condo common charges don’t change P&I, but they drive affordability. Here’s when a refi pays off in NYC.
Rates & Context (NYC 2025)
- Jumbo rates: ~5.7%–6.3%
- Common loan sizes: $600K–$1.1M
- Co-op maintenance: $1,500–$2,800/month (includes taxes)
- Condo common charges: $650–$1,200/month
When Refinance Makes Sense in NYC
- Break-even ≤ 36 months and net savings > $0
- Staying in unit ≥ 4 years
- Rate drop ≥ 0.75% or switching from ARM to fixed
Example: $650K Balance at 6.4% → 5.6% Refi, $7,500 Costs
- Current P&I: ≈ $4,080
- New P&I: ≈ $3,710
- Monthly savings: ≈ $370
- Break-even: $7,500 ÷ $370 ≈ 21 months
- Interest saved vs current: ≈ $58,000
- Net savings after costs: ≈ $50,500
Plug your specific numbers into the refinance calculator to validate.
FAQ
Do co-op boards affect refi timing?
Co-ops often require board approval for refis and liquidity rules. Plan ahead and ensure break-even stays reasonable.
Is it worth paying points?
Points increase upfront cost. Use the calculator’s points field to see if the lower rate meaningfully improves break-even and net savings.
Related Tools & Sources
- Refinance Calculator – compute break-even and net savings.
- How to Use the Refinance Calculator – step-by-step guide.
- Mortgage Calculator – visualize amortization and extra payments.
- Mortgage Extra Payment Calculator: Save Interest – real examples and payoff strategies.
- Best Free Mortgage Calculators 2025 – compare top tools side-by-side.
- Home Affordability – verify the new payment fits your budget.
- Freddie Mac PMMS – weekly mortgage rate trends.
- FHFA Conforming Loan Limits – jumbo thresholds by county.
- CFPB on Discount Points – how points trade off with rate.
Run Your NYC Refi
Use the Refinance Calculator with NYC assumptions before you lock a rate.